|
 |
 |
|
Personal Taxes
|
|
Written by Sarah Laing
|
|
Friday, 08 January 2010 11:09 |
|
HMRC have published Brief 76/09, which covers the changes made by Finance Act 2009 to the scope of income tax credits for individuals in receipt of dividends from foreign companies. The changes take effect from 22 April 2009 for the current tax year and affect shareholders with a holding of ten per cent or more of the issued share capital of the company concerned and shareholders in offshore funds. The Tax Credits (Excluded Companies) Regulations 2009 (SI 2009/3333) come into force on 22 April 2009 and have effect from that date for the tax year 2009–2010 and subsequent tax years. Broadly, the regulations modify the effect of ITTOIA 2005, s. 397BA (inserted by FA 2009) so that the one-ninth
income tax credit is not available to an individual receiving a dividend from a foreign company if that company is one which, although resident in what would otherwise be a ‘qualifying territory’, is denied treaty benefits by express provision in the UK’s double taxation treaty with that territory. In addition to the above regulations, the Distributions (Excluded Companies) Regulations 2009 (SI 2009/3314) came into force on 15 December 2009 and have effect for accounting periods that were current on that day and for accounting periods beginning after that day. These regulations modify the effect of CTA 2009, s. 931C so that a distribution is not exempt from corporation tax in the hands of the recipient company if the distribution is paid by a company which, although resident in what would otherwise be a ‘qualifying territory’, is denied treaty benefits by express provision in the UK’s double taxation treaty with that territory.
|
|
|
Personal Taxes
|
|
Written by Sarah Laing
|
|
Friday, 08 January 2010 10:58 |
|
Regulations have been made, which allow for the commencement of the new Savings Gateway accounts. The Saving Gateway Accounts Act 2009 (Commencement No. 1) Order 2009 (SI 2009/3332) names 1 January 2010 as the appointed day for the entering into force of various sections of the Saving Gateway Accounts Act 2009. The Savings Gateway is a cash savings scheme designed to promote saving for working age people on lower incomes. The Government will contribute 50p for each pound that account holders save in the scheme.
|
|
|
|
|
HMRC
|
|
Written by Sarah Laing
|
|
Friday, 11 December 2009 10:53 |
|
In his last Pre-Budget Report before the general election, Alistair Darling tried to balance two competing requirements: - the need to demonstrate his financial prudence to the investment markets; and
- the continuation of the fiscal stimulus that he believes is necessary for UK economic growth.
If there is a change of Government after the election, some of the announcements in the PBR may be revised or dropped. However, given the Conservative Party’s forceful views on the urgency of reducing the Government deficit, many of the tax raising measures might well survive.
|
|
Read more...
|
|
|
|
|
|
VAT
|
|
Written by Sarah Laing
|
|
Tuesday, 08 December 2009 10:12 |
|
In response to receiving queries from agents using the online service for VAT, HMRC have published the following announcement. "When those agents use this service to file a VAT Return online, they will see that they are registered for HMRC's new online EU VAT Refund Service. HMRC has provided the option of using this new service to all agents who are already registered for VAT Online. Agents will find this new service useful if they wish to make claims on behalf of clients who have incurred VAT in another member state of the European Union. From 1 January 2010, this new HMRC Online Service replaces the current paper-based service for making these claims. If you don't expect to make claims on behalf of your clients for VAT incurred in the course or furtherance of a business in another member state, you don't need to take any further action. If you want to enrol for VAT Online and the EU VAT Refund Service you can do so on the HMRC website. But if you register for HMRC Online Services through the Government Gateway you'll only be given the option to enrol for VAT Online." For further details, and information on how to enrol, visit the HMRC website at http://www.hmrc.gov.uk/news/vat-eu-refund.htm.
|
|
|
|
|
Personal Taxes
|
|
Written by Sarah Laing
|
|
Tuesday, 08 December 2009 09:52 |
|
The Chancellor will deliver his Pre Budget Report (PBR) to Parliament on Wednesday 9 December at 12.30pm. TaxationWeb will of course, post coverage of the changes announced soon after the Chancellor delivers his speech. At this stage, we predict that the Government will introduce a further raft of anti-avoidance measures to block preceived loopholes in the tax system - this has become a regular occurrence in recent years and we are sure that there will be plenty of new material to get to grips with.
|
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
|
Page 4 of 112 |
